EMEA W&I claims notifications quadruple in 2018
Warranty and indemnity claims notifications in Europe, the Middle East and Africa increased almost four-fold in 2018, compared to the figure in 2016, correlating with the increasing demand for W&I insurance by buyers and sellers to protect deals.
Sedgwick expands Scandinavian presence with NLA deal
Carlyle Group-backed Sedgwick has acquired Nordic Loss Adjusting (NLA) as it looks to expand its offering in the region.
Allianz P&C delivers strong premium growth at Q2, profit drops 5%
German insurance powerhouse Allianz saw operating profit fall 5 percent to Eur1.4bn ($1.55bn) in its property and casualty business in the second quarter of 2019, driven by a lower investment result while underwriting remained stable.
Generali H1 profits swell 7.6% on back of underwriting and run-off success
Generali Group generated an operating profit of Eur 2.72bn ($3.0bn) in the first half of 2019, marking a 7.6 percent increase on the same period last year, following a positive result across all business segments and the sale of its discontinued operations.
SSL Endeavour launches in Cyprus and Greece
Lloyd’s broker SSL Endeavour has snapped up SSL’s Greek office to launch SSL Endeavour Cyprus & Greece, pending regulatory approval.
Swiss Re names Urs Baertschi CEO reinsurance EMEA to succeed Higginbotham
Zurich-headquartered carrier Swiss Re has appointed Urs Baertschi to the role of CEO reinsurance EMEA as well as regional president and member of the group executive committee.
Technical accounts boost Swiss non-life insurers’ 2018 profits by 26%
Direct non-life insurers regulated by the Swiss Financial Market Supervisory Authority (Finma) have booked a combined annual profit of CHF 6.75bn ($6.81bn), up 26.4 percent compared to 2017.
HDI Global Specialty acquires majority share in Swedish transport MGA
HDI Global Specialty SE – the insurance heavyweight created from the merging of the specialty lines activities of Hannover Re and HDI Global SE – has purchased 76.5 percent of the shares in Swedish MGA Svedea AB.
Axa XL promotes Rastoul to XLICSE CUO
Axa XL has promoted Paul-Henri Rastoul to chief underwriting officer of XL Insurance Company SE (XLICSE), the insurance company platform for XL Group within Europe and Asia.
Ryan Specialty Group launches Barcelona office
Expansive managing general agency Ryan Specialty Group is to open an office in Barcelona as it continues to build out its transactional risk business.
French storms expected to cost Eur 220mn
Covea and Groupama are expected to be some of the hardest hit at the primary level following the devastating storm damage last month which caused widespread damage to fruit farmers in the Auvergne-Rhone-Alps region, the ‘orchard of France’, The Insurer understands.
Generali buys Portuguese insurer from Apollo in $675mn double deal
Italian insurance giant Assicurazioni Generali has reached a deal to buy Portuguese insurer Seguradoras Unidas and service company AdvanceCare from US private equity fund Apollo Global Management for a total of Eur600mn ($675mn).
FSCS gives green light to Alpha replacement cover
The UK’s Financial Services Compensation Scheme (FSCS) has agreed a deal to secure replacement cover for bankrupt Danish insurer Alpha Insurance’s policyholders with a new, solvent insurer.
Low interest rates greatest credit risk for European insurers: Moody’s
As bond yields decline to record lows and the prospect of near-term interest rate rises recedes, low rates that show no sign of rising are once again the key credit risk for European insurers in 2019/20, according to Moody’s.
Insurers face up to $1.4bn bill for June European weather losses: Aon
Aon has pegged insured losses stemming from two outbreaks of severe weather across Europe in June at up to $1.39bn.
Zurich names Martin EMEA CEO after Blanc departure
Swiss insurance giant Zurich has promoted former Group chief risk officer Alison Martin to take up the role of EMEA CEO and head of bank distribution, following the shock resignation of Amanda Blanc last week.
BHSI looks to QBE for Krause as it relocates German HQ
Berkshire Hathaway Specialty Insurance (BHSI) has appointed Andreas Krause as country manager for Germany, as the carrier relocates its national headquarters from Düsseldorf to a new office in Cologne.
CCR Re names Collignon senior underwriter
CCR Re, the open market reinsurance arm of French state-owned carrier Caisse Centrale de Réassurance (CCR), has named Olivier Collignon senior underwriter.
Korean Re’s Swiss subsidiary bolstered by A rating from S&P
Korean Re Switzerland, the Zurich headquartered operations of Korean Re, has received a local currency long-term issuer credit and financial strength ratings of ‘A’ from S&P Global Ratings.
TransRe re-domiciles Zurich operation to Luxembourg
Alleghany’s reinsurance arm Transatlantic Reinsurance has received all necessary regulatory approvals to re-domicile its TransRe Zurich subsidiary to Luxembourg, renaming the arm TransRe Europe S.A.